Stockholm-based FinTech platform Open Funds has raised €3 million in a funding spherical to help their continued development, allow product growth, and advance its mission to simplify and improve B2B funds throughout Europe.
The funding spherical was led by Alfvén & Didrikson, with participation from Industrifonden and different current traders.
“We developed Open Funds to simplify banking integrations by aggregating a number of financial institution APIs into one single API,” says Louise Brandt, CEO and Founding father of Open Funds. “This method permits companies to innovate and enhance their monetary operations in ways in which weren’t doable earlier than.”
Open Funds was based in 2017 by Jonas Kjellin, Louise Brandt, and Per Westin to deal with the complexity and inefficiency companies face when integrating a number of banking companies into their techniques, a course of that Open Funds says is commonly tormented by errors, excessive prices, and time-consuming efforts.
Since its 2023 funding spherical, Open Funds has labored to cement its place because the main Open Banking platform for B2B funds. It’s trusted by ERP techniques, treasury techniques, and accounting suppliers, together with Monitor ERP, Treasury Techniques, Juni Applied sciences, Bjorn Lunden, and Speedledger.
The platform combines Open Banking API connections with ISO-based cost integrations, enabling seamless administration of home and cross-border funds, account reconciliation, and money administration – multi functional place. By embedding these functionalities into companies’ ERP techniques, cost suppliers, and different monetary purposes, Open Funds streamlines monetary operations and improve effectivity.
Constructed on the rules of the PSD2 directive, Open Funds’ platform ensures compliance and safety at each degree.
Based on Open Funds, in 2024 they tripled their transaction volumes, doubled income, and achieved full protection of the Dutch B2B banking panorama, laying the muse for broader European growth.
Latest product launches embrace cross-border cost capabilities providing decrease change charges, real-time entry to charges for streamlined bookkeeping, and same-day settlements embedded immediately within the monetary techniques.
“Our potential to mix Open Banking and ISO integrations in a single API is what units us aside,” provides Louise Brandt. “We empower our prospects to chop via complexity, save time, and deal with what issues most. With this new funding, we’re excited to speed up innovation and proceed shaping the way forward for B2B funds.”
“We imagine open banking has nice potential within the B2B context and we see Open Funds because the market chief within the Nordics, notably within the ERP section,” says Måns Alfvén, Companion at Alfvén & Didrikson. “We’re very impressed by Open Funds’ workforce and we’re thrilled to help their journey and assist them scale to new heights.”
Alfvén & Didrikson, along with Industrifonden, will grow to be the biggest shareholders within the firm. Different current house owners embrace Sony Monetary Ventures, International Mind, Luminar Ventures and Brightly Ventures. Together with this, Emil Ahlanzberg, Funding Affiliate at Alfvén & Didrikson, will be a part of the Open Funds board.
Louise Brandt additional provides: “We’re very completely happy to welcome Alfvén & Didrikson, a great companion for us given their expertise and confirmed monitor document of profitable investments in fintech, exemplified by corporations like Trustly, Kleer, and Switch Galaxy.”
The transaction is topic to regulatory approval by the SFSA.